Bank wants to auction hundreds of thousands of square meters of land to recover bad debt

Nam A Bank wants to auction 56 land use rights in Ho Chi Minh City, with a total area of over 109,000 square meters, to recover bad debts of Estella Company.

Nam A Commercial Joint Stock Bank (Nam A Bank) recently announced the selection of an organization to auction the secured assets of all 56 land use rights for perennial crops, with a total area of over 109,243 square meters, located on map sheet No. 52, Truong Thanh Ward, Thu Duc City, Ho Chi Minh City (now Long Phuoc Ward, Ho Chi Minh City).

These land use rights have common areas from 1,500-1,700m2, notably there are land use rights up to more than 18,000m2.

Nam A Bank set the starting price for the auction of all 56 land use rights at VND 2,753 billion.

The above land use rights are owned by individuals including: Mr. Nguyen Phan Viet (18 land use rights); Mr. Le Mai Long and Ms. Thieu Minh Anh Thu (13 land use rights) and Ms. Nguyen Thi Ngoc Giau (25 land use rights).

Illustration photo: Nam A Bank

The 56 land use rights of the above individuals are used as collateral for the loan of Estella Investment Joint Stock Company (Estella Company) at Nam A Bank under the credit contract signed on August 26, 2024.

Estella Company was established in July 2024 (just one month before signing the credit contract with Nam A Bank), with Mr. Vu Anh Tuan as the legal representative.

Mr. Vu Anh Tuan is also a representative at the following enterprises: Thanh An An Company Limited, Camellia JSC, Nam Sai Gon Real Estate Investment JSC and G8 Service JSC.

In addition, this businessman is also known as the Chairman of the Board of Directors of Daffodils Joint Stock Company, formerly BCG - Nam Viet Energy Joint Stock Company, established by Nam Viet Green Energy Joint Stock Company, Bamboo Capital and Tracodi (a subsidiary of Bamboo Capital).

Before Mr. Tuan took over the position of Chairman of Daffodils, this position belonged to Mr. Le Mai Long (owner of 13 land use rights out of the total 56 land use rights mentioned above).

Previously, as reported by VietNamNet, Nam A Bank was also looking for an organization to auction the right to use 10,149 square meters of urban land in Thu Duc ward, Ho Chi Minh City with a starting price of VND4,500 billion.

The aforementioned golden land is owned by Gia Khang Trading and Service JSC (Gia Khang Company), which is secured for the loan of Shuaa Investment and Trading JSC (Shuaa Company) at Nam A Bank. Both enterprises are part of the Bamboo Capital ecosystem.

In addition, Nam A Bank has also recently seized and processed collateral assets of Bamboo Capital and related businesses to recover bad debts.

The bank seized a series of mortgaged assets belonging to the Bamboo Capital ecosystem . Bamboo Capital and a series of related companies have just been announced by the bank to seize collateral assets such as shares, resort villas and find a unit to auction the golden land worth 4,500 billion VND.

Source: https://vietnamnet.vn/ngan-hang-muon-ban-dau-gia-tram-nghin-m2-dat-de-thu-hoi-no-xau-2426886.html